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The False Tradeoff Between Financial and Social Responsibility

3 September, 2010 - 11:30

There is a perception out there that there is a tradeoff between social responsibility and financial responsibility. You can't do both, people say. You can't have your cake and eat it too. Well, very fortunately the data just doesn't support that perception.

Can you actually be more socially responsible and increase shareholder value at the same time?

The Only Social Responsibility of a Company Is To Increase Profits for Shareholders

In 1970, Chicago-school economist Milton Friedman proclaimed in an article for New York Times Magazine that a company's only social responsibility is to increase profits for its shareholders. In the 1980s Ronald Reagan, Margaret Thatcher, George Bush, and the Ayn Rand star-pupil Alan Greenspan turned this credo into de facto policy gospel.

There is passionate and meaty debate[...]

[Published in NonProfitBlogs - Read the original article]